The Ultimate Guide to Roth Retirement Accounts: Why You Need One Now

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Editor’s Note: This episode initially aired on June 22, 2023. It may contain some details that are out of date.

Are you familiar with Roth IRAs? If you’re not, you should be, because Roth IRAs are a great way to get tax-free income after you retire.

There is a potential fly in the ointment, however. Namely, not everyone qualifies for a Roth. If you make too much money, Uncle Sam says you can’t use ’em. But there’s a way around that rule: Fund a regular retirement account, then roll it over to a Roth. It’s called a backdoor Roth. Sounds sneaky, right? Should you do it? And if so, how do you go about it?

Let’s find out. In this podcast episode, we’re talking about how to convert an IRA to a Roth IRA without getting eaten alive by income taxes. In addition, we’ll be talking about nearly every facet of Roth accounts and why they should be an integral part of every retirement strategy.

Host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman.

This week’s guest is Ed Slott, the founder of IRAhelp.com. He’s ready to tell us why a Roth conversion is his No. 1 tax tip for this year.

Before we start, remember this isn’t financial advice. So make sure to do your own research and consult your own experts before acting on anything you learn here.

You can download the episode wherever you get your podcasts:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Using an IRA for your retirement

We talk about individual retirement accounts (IRAs) in this episode. Here are some great resources on how to make the most of your IRA — whether you get a traditional or a Roth.

• Investing in Gold and Gold IRAs: 5 Things You Need to Know
• The 7 Most Popular IRA Investments
• 15 Mistakes People Make With Roth IRAs
• Got an IRA? Here’s How to Use the Bear Market to Your Advantage
• How a Roth IRA Conversion Turns a Stock Market Plunge Into a Plus
• 8 Ways to Maximize Your Traditional or Roth IRA
• How to Buy Real Estate With Your IRA

If you decide to do a Roth conversion, like our guest Ed suggests, make sure you know the rules. We recommend checking out Investopedia’s article “Roth IRA Conversion Rules.”

Learn more about retirement accounts

An IRA isn’t your only choice for retirement. There are different accounts and strategies you can use to make the most of your golden years. Here are some great resources for getting more out of retirement.

• My Retirement Savings Are Shrinking. Should I Worry?
• How to Retire at Any Age Using Your Retirement Number
• 12 ‘Course Corrections’ That Will Improve Your Retirement
• The Top 8 Sources of Retirement Income, According to Retirees
• 5 Dumb Retirement Mistakes Everyone Makes
• How to Boost Your Social Security by 30% + 7 Tips for a Richer Retirement
• How to Save for Retirement, Decade by Decade
• 11 Huge Retirement Costs That Are Often Overlooked
• 9 Topics to Tackle Now to Survive Retirement With Your Spouse
• 8 Countries That Offer Retirement Visas to Americans
• How 401(k) Plans Could Soon Be More Like Pensions
• Have a 401(k)? Here’s a Secret Retirement Plan You Probably Don’t Know About
• 7 Key Habits of 401(k) and IRA Millionaires
• 4 Ways to Save for Retirement Without a 401(k)
• Why a Solo 401(k) Offers Big Savings Opportunities for the Self-Employed

Meet this week’s guest, Ed Slott

Ed Slott is a nationally recognized IRA distribution expert, television personality, and best-selling author who has dedicated his life to educating Americans on the intricacies of IRAs.  He was named “The Best Source for IRA Advice” by The Wall Street Journal. Slott is the author of numerous highly acclaimed books, including his latest, “The New Retirement Savings Time Bomb” (Penguin Random House, 2021) and “Ed Slott’s Retirement Decisions Guide: 2022 Edition” (IRAHelp, 2022).

He has also hosted several public television programs, including his latest,  “Ed Slott’s Retirement Freedom,” and is a professor of practice at the American College of Financial Services.

• IRAhelp.com

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.